Asian equities return to losing ways after last session’s mild recuperation

After last session’s mild recuperation, stock markets across the Asian region went back to their losing ways on Wednesday with most equity indices trading lower by half to one percent. Political uncertainty in Greece intensified concerns over Europe's onerous financial trouble and undermined investors’ morale. The weak overnight close on Wall Street despite the late hour rally, dampened sentiments as market participants remained jittery as political and financial chaos loomed in Greece amid a deadlock over how to handle the debt laden nation’s financial crisis. Deepening the feeling of instability a staunch leftist is likely to stitch together a coalition government with the aim of tearing up Greece's bailout agreements, a move that would spark a dangerous escalation of the Euro-zone debt crisis.

The benchmarks in China, Indonesia and Japan got lacerated by over a percentage points each as market on a whole were in risk-aversion mode due to the problems in Greece and real-estate and property developers sectors particularly bore the brunt of selling pressure as market participants played it safe amid the uncertainty surrounding the Euro-zone.

Shanghai Composite plunged 33.60 points or 1.37% to 2,415.28, Hang Seng Index sank 200.07 points or 0.98% to 20,284.68, Jakarta Composite plummeted 50.36 points or 1.20% to 4,130.71, KLSE Composite eased 3.34 points or 0.21% to 1,587.26, Nikkei 225 slumped 109.47 points or 1.19% to 9,072.18, Straits Times Index shrank 24.58 points or 0.84% to 2,907.40, KOSPI Composite Index drifted 17.10 points or 0.87% to 1,949.91 and Taiwan Weighted fell 58.53 points or 0.78% to 7,487.18.